OMNITUDE - The eCommerce Revolution

jigamola (5)in #ico • 6 years ago (edited)

The rise in e-commerce has created an upsurge in the number of different kinds of frauds and theft which results in loss of revenue. The most common types of fraud include Identity fraud, clean fraud, and account takeover and Re-Shipping. People from various countries employ various tactics to fraud the merchants and sellers. 31 billion dollar is the amount which is estimated to be lost by 2020 due to charge-backs, according to a report. The merchants and sellers are finding it tough to control the fraud in the wake of the development of technology which enables easy access to multiple tools to commit such crimes. The online industry needs serious solutions for these serious challenges.

Omnitude is stepping into the scalable industry of eCommerce with the aim to make the place more transparent, secure and profitable. Building a platform that is backed by Blockchain this one connects all the blockchain enable technologies, available eCommerce platforms and enterprise system for a seamless end-to-end experience for the user.

Omnitude is here to help the merchants and sellers by providing single identity and single reputation system based on the blockchain technology. It enables the Omnitude Identity (OID) where the customer has to enter his personal identity data only once which is stored on the OMNITUDE Blockchain.

Omnitude is a blockchain smart platform that connects blockchain technologies, eCommerce platforms and enterprise systems involved in building end-to-end supply chains. Utilizing Omnitude as an integration layer between existing systems enables rapid deployment of blockchain technology without the need to replace current systems.

The Omnitude platform will itself be open and transparent, enabling anyone to design and build Omnitude applications to integrate with existing solutions in eCommerce, supply chain and enterprise System.

Omnitude will be built on top of Hyperledger, the open source, global, collaborative project hosted by The Linux Foundation. Hyperledger is a permissioned blockchain protocol which enables business-to-consumer and business-to-business transactions.

The Hyperledger architecture provides core blockchain services, on which the Omnitude ecosystem is built. The Omnitude ecosystem will be made up of a variety of entities, including those mentioned above (i.e. merchants, customers, suppliers, couriers.

Omnitude’s objectives among others include:

• To create a transparent and accountable manufacturing and supply chains
• To significantly reduce ecommerce fraud
• To ensure a single customer identity is only usable by that individual across any Omnitude connected eCommerce site.
• To enable block chain integration between enterprise system.

In performing these objectives, Omnitude will act as an intermediary to enable simple integration of block chain technology into existing systems, and thereby transforming their capabilities. This will be done in two phases:

Launching of the Omnitude platform to enable connectivity between various technologies and platforms, allowing them to take full advantage of the block chain technology in a fast and efficient way.
Building of Omnitude Apps to Solve specific problems. The Apps will be built by both the community and the Omnitude team. Several Omnitude Apps ready for launching are already in existence.

ADVANTAGES OF OMNITUDE

Omnitude helps provide a record of manufacture origin and provenance. Ensuring that genuine goods are easily identified whilst highlighting fraudulent copies.
Omnitude’s Single Identity and Single Reputation will help reduce the most usual form of fraud, Identity Theft.
Omnitude provides an alternative lower cost cryptocurrency based payment mechanism.
Omnitude’s plug and play blockchain technology allows the quick and cost effective integration of these systems.

CORE FEATURES

Hyperledger

Any entity participating in eCommerce (e.g. merchant, customer, supplier, courier, affiliate/referrer, or Omnitude specialist) will be able to join the Omnitude ecosystem. They will be granted an OID by the Omnitude Foundation and will run a full or partial node. Depending on their role, the Omnitude Foundation will assign the appropriate level of access required to transact in the ecosystem.

Identity and Auditability

The Omnitude Foundation will manage user OIDs and authenticate all participants on the network. It will be possible to use access control lists to provide further layers of permission through authorization of specific network operations.

Private Transactions and Confidential Contracts

Transaction patterns can be observed and interpreted, shared ledgers risk disclosing confidential details about business relationships that should not be revealed to competitors. Even a given participant’s relative volume of trade is commercial information that should not be revealed by a system supporting trade between parties.

WHY OMNITUDE?

Open

Each new full node will improve the security and reliability of the Omnitude ecosystem. ECOM tokens will provide an economic incentive to secure ecosystem infrastructure, and serve as the method of settlement between participants to access ecosystem resources.

Omnitude will be a permissioned network where nodes are run by known whitelisted organisations or individuals. Depending on the role of the participant, the Omnitude Foundation will assign to that OID the appropriate level of access required to transact in the ecosystem.

Secure

Additionally, Omnitude will prevent unauthorised parties from ascertaining the identity and patterns of behaviour of any other participant by inspecting the ledger. Omnitude will allow ecosystem participants to make certain details of a transaction confidential, so that they cannot be accessed by anyone other than the stakeholders in the transaction.

Periodically, the Omnitude blockchain will also anchor to transactions on the Bitcoin and Ethereum blockchains. This will allow Omnitude’s blockchain to benefit from the added security provided by Bitcoin’s and Ethereum’s consensus algorithms and blockchains.

Transparent

Omnitude will provide deep searchability, backwards in time through many transaction layers, to fulfil the requirements of retrieving data stored on its blockchain.

Omnitude will use ‘anchoring’, i.e. creation of a proof linking off-ledger data to a Omnitude blockchain transaction. Through anchoring, this proof can be used to verify data integrity and timestamp without relying on a trusted authority.

ECOM TOKEN

An ECOM token will be launched alongside the Omnitude platform. Merchants, customers and suppliers will require ECOM, crypto currency or FIAT to participate in the Omnitude ecosystem.

The initial ECOM tokens issued will be used to fund the development of the Omnitude platform and ecosystem, incentivise participants to operate and secure this ecosystem and create a common settlement method for people to participate in the Omnitude ecosystem.

Token Details

Ticker: ECOM
Tokens: 100,000,000 ECOM
Inflation: $0.40 USD/ECOM10
Private pre-sale cost: $0.40 USD/ECOM
Private pre-sale cap: 10 million ECOM (4 million USD)
Token Sale cost: $0.46 USD/ECOM
Token Sale hard cap: 45 million ECOM (20.7 million USD)

Token sale will require pre-registration with KYC and $50k USD limit per person.Following 1st round, unsold tokens will be made available to all those registered with each individual able to purchase another $50k USD worth of ECOM until sold out. This will repeat until the 5th round at which point the token sale will end if still not sold out

TOKEN DISTRIBUTION